Free Trade Hall sold
HOTELS entrepreneur Jasminder Singh has bought the Free Trade Hall building in Manchester from administrators Grant Thornton.
Mr Singh is chairman of the Edwardian Group, whose company has operated the 263-bed Radisson Edwardian hotel which has been based based in the Free Trade Hall since its conversion in 2004 and had a long-term contract to operate the building.
Free Trade Hall had previously been owned by Manchester-based surveyor Stephen Baker through his company Free Trade Hall Ltd, but it was placed into administrative receivership in August when its bank, Lloyds, withdrew its funding to the business.
The sale to Mr Singh is seen as a positive move, as it will secure the future of the site and the hotel’s operations.
Edwardian Group chief operating officer Paul Mansi said: “The purchase of the Free Trade Hall in Manchester brings the hotel under the full control of the group which ensures that the quality and the future of the hotel is both safe and sure to continue in its increasingly popular position. We have bold and ambitious plans for the hotel which will be unveiled in the coming months. Suffice to say that these changes will delight our strong and loyal guests in the area and will reflect our Manchester heritage.”
Matt Dunham, joint administrative receiver and partner at Grant Thornton, said: “Securing a sale of the hotel is a fantastic result in the current economic climate. We received a strong response to our pre-marketing process, but are delighted to have agreed a sale to Edwardian. The Group already has significant experience of managing this superb 5-star hotel and we anticipate it going from strength to strength under their stewardship.”
HSBC provided funding to allow Jasminder Singh to buy the building. The agent handling the sale was Christie & Co.
